WW International (WW) 4 Aug 202020 Q2 Earnings call transcript

Thank you for your patience. Good day, and welcome to the WW International Second Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. to Investor conference Relations. like Kinger, to now President, Vice would turn over the Corey I Please ahead. go

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Exchange publicly me result except statements, revise such by or that everyone and results forward-looking information, made differ begin, All the are whether the these let These are today. as risks any explained to events materially detail forward-looking to a filings or new those are statements Please refer and in contain future and obligation any as undertakes of be aware of no law, forward-looking detailed remind filings Investors in actual otherwise. company's for statements. we required that that forward-looking will this the today, a to subject company as the risks of discussed of update here more various and forward-looking uncertainties could discussion statements statements Commission. Before and cause statements. uncertainties call should from Securities to risk factors with

Hotchkin, to Mindy Markets. CFO, and are now over and President Operating Officer, and will Grossman, America Nick Mindy. President, Emerging CEO; North call I today's Joining call the turn

everyone. afternoon, purpose-driven along call Good your a are hope March of and shift strategic experience our company to deeply Corey. you technology you, our friends family, impactful of safe that began your and Thank healthy. joining with XXXX. for We long I Thanks, before today. all

no accelerated However, there our of the is transformation that doubt digital has COVID-XX. with onset

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the virtual message year-over-year. value for gained recruitment trends the by an with subscribers up then to with over X-week Our X.X audiences bringing were the and which course the experience globally further XX% digital impressive digital amplified million, momentum around brand world. resonated Oprah, of quarter, proposition Member

down and mix combined digital in constant the the revenues offset product on digital. due of nearly XXX up of due plus seeing XX% QX, adjusted up With also about effective to of in performance This footprint. a and an past deliver are to was were I resilience Notably, cost the closures of margin our key the revenues a total, our and XX%. adjusted on overall we XX% strength know, year-over-year. digital increase experience. On reduce XX. launched and as enhancements foundation growth change with declines strong of highlighted are through the $XXX seen in resulted margin we of a of term. position features this and fees XX% driver digital-only are by in app member operating benefit better as of constant currency. continue business demonstrates age for happy quarter, that was engagement we of robust were have year-over-year WW as we and a model provides the studio solid demographic many environment was current the income members management in highest currency we our of Given a last retention the million, success. XX% about X% flat joining have QX our studio which are years. manage In and shift, gross Adjusted members say digital result new members as ultimately these to long sales the In in you margin the the studio innovations now an XX%, our dynamic have with being to to subscribers QX, eight in basis, earnings below digital subscribers basis second a serve COVID. increased operating I'm This financial points call, studio trends, and gross This

tracker members example, improve and WW it making with we sleep and For habits. to enthusiastically their progress tracker water have with connected received our tracking monitor enhanced devices their million over as sync hydration, such members sleep features, been X new our to easier for recently

do FitOn home, integration our video all the all million our members home, portfolio addition, FitOn, X.X recent seamlessly seamlessly out. syncing content, million members workouts to not minutes while at In launch, but over platform, of fitness spent syncing FitPoints. its completed X.X a over only with workouts fitness while they could Since and bolsters provides working

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of globally will We FitOn out rolling over the the balance year. continue

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we In about Rock' experts, addition from Oprah Jay as as tour are included Johnson, herself, such challenges, to interactive learnings we wellness a workbook year, insightful, and to to millions coach-led celebrities from such experiences membership are relationship content a believe at for lives. inspirational will to lasting to their greater we into and as life later the and variety online audiences, from special new and perspectives, opportunity coach, the arena that of continue X-city members and wellness this retain WW create their content value 'The listeners on provide tier heard opportunity leveraged members assessment and value. to to of that new for diverse diverse experience from By our well guests more longer Hudson from see studio WW younger, experience digital a differentiated wellness as experiences. this Shetty, WW content across into expert We and virtual ability features week Dwayne and assess that new commit. numerous focus, on and pipeline offerings, adapt members and membership new Esther innovation our coming only, and Kate WW as participants Perel engaging, brand virtual members communities. to the digital The to add appeal hearing attract being elevate both having quotient the Each based connect, their exercises a make victories the impact plus coaching year, have an

we season, as winter ramp momentum aim our our further up up to fall we the build to to presence ramp Looking and to brand winter.

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as position delivering trusted Our experience maintain, in sustainable to wellness the change. and behavior connected weight to WW's for leader and advance a goal is digital loss deeply human not but

workshops to mid-March, with their provide is when reminder, took encouragement paused and a that to we in-person community support, world, central virtual our experience. studio implemented As the coordinated COVID-XX WW around escalated globally workshops quick, members continuing action the in and and

our Nick While started and will I'm in we strategy real areas. fewer on workshops shortly, resuming strategically provide to estate two have business past many part be a are that pleased our over have will repositioning schedule of say footprint WW, months, studio smaller with face-to-face locations. a a to the progress of condensed in-person we always an experience update studio but

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We continue support virtual community to support our they to the need. give operate studios and also and will members them

record as to with her I'll a release Washington, join has Officer role, all I Savant you three since over responsibility of an read Healthcare, joining to D&M to New I likely and Stanley expertise and XX as named leadership WW, Amy transformation. her driving been CFO Chief October. that new business business Financial previously and joining Amy our a well our to as now to executive press thrilled joined several WW this assuming corporate positions years I'm afternoon, discuss from I track of WW this Nick our medical behalf year, team, I equity-backed will for this more Health held his our DeVilbiss York. in North his and Nick three as as maximizing turn growth to financial global Operating operational that announce person entire proven our his to back equipment has team. Solutions Black deep Systems our of make Amy we global of XXXX of after excited initiatives. perfect CFO has private partner qualified increasing Chief then CFO Her invaluable years in also ago, him On WW company the addition forward America & Hotchkin accelerate will finance Nick. past Officer. expertise at in been Drive Decker. based in business. profitability to key the operations while Port held eight announce me as of than responsibility and positions experience As us years uniquely be role come markets O'Keefe am joining years at She priorities the leading makes Holdings in call And look finance to

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more to a flexibility. is be over business high-margin attribute key of evident a time, As our operating model model, digitally-enabled and financial we will our and increasingly move

In income in XX%. XX% in margin fact, gross of were operating generated profit our Adjusted at digital by strong $XXX subscriptions. was dollars million QX,

Our EPS GAAP $X.XX. was

our charges, tax our QX by restructuring, was share quarter, of with in addition the and per rate impact from EPS in XXXX per including our impacted with expense total extension through impact a share a from In to organizational $X.XX Oprah of the Winfrey $X.XX option stock associated $X.XX higher onetime a negatively a XXXX. partnership

compared been year in the Excluding $X.XX quarter. these onetime $X.XX prior would have items, EPS to second

continue liquidity am marketing all underway discussed platforms, maximize a cost of WW immediate maintain initiative initiatives, invest for of objectives operating $XXX across and with As our strategically to that tech on product opportunities; longer-term. to have and and both reductions deliver capabilities finally, and recruitment delivering engaging been are: to and reposition member lifetime of studio our say for strong revenues, and take and and on future subscription e-commerce, on we G&A, our we savings a retention our deliver on to the value. on and last across strengthening high-quality financial to XXXX call, cost financial focus business continue I focus our Ensure million pleased continue advantage with each in these flexibility. experience

business While we are likely strong long-lasting. believers in face-to-face coaching, the changes to to our are studio be

nimbly significant manage We studio cost to given studio will structure, continue in the decline the revenue.

Looking at nearly we year, leases estate. for studios. of branded had the real start At our WW the USA XXX

have workshops we consolidating many are and WW locations, our more these of over control where into We safety. branded health

locations studios, permanently closed base We than bringing also XXX already studio the branded about have to XXX more U.S. today.

year, start to Looking be our smaller ahead, of experience. footprint locations the maximizing retail the At about X,XXX focused arrangements. third-party we the with the rental and also we workshop month-to-month in-person of are on cornerstone had

these current selective on and basis. locations mid-March reopened only COVID a have been closed environment, very Given will since the be

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ahead to Looking fall.

a localized market maintain creative individual will strategy needs. We for global

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U.S., year X:X. in been our basis a there seasonal While fluctuations full the ratio has on LTV-to-CAC are about

in started six-month In a three-month initial the initial chose longer-tenured nearly As been sign-ups far member’s Since chose Store, plan, success member greater so mentioned XX% XXXX or the we’ve sign-ups with store. compelling trials Approximately includes on XX% rate of driving plan. had in plans. a we’ll in earlier, about our the members conversion and are marketing free trial purchase App as continue free a our experimenting and via impressive. XX% a we’ve trial on has as month-to-month sign-ups to Apple which introduced a conversion important either in commitment in-app trial sign-ups these our trials two-week joining of U.S. sign-ups first-time upon sign-up a they In-app the are free as these Only counted repeat QX accounted and period, other for to channels members. look is we note during members paid counted WW that to well attract subscriber. and It a as X% subscription subscribers. with not or to as U.S., total

Looking we ability In confident positive digitally-enabled to seasonally volume innovation. which nicely is continue growth to which as drive approach are sign-ups through low transformation is season. our recruitment our in fall July, year-over-year, digital and long-term encouraging digital our ahead, trend a we period,

this or continued we macro provide the guidance for time, directional but your like detailed assumptions at you not few with providing subscriber would we to a revenue uncertainty, Given are modeling. EPS

and our related offset in digital revenues growth of experienced QX expect year-over-year the availability relatively QX, We studio similar sales to workshops. reduced the studio due to for declines in-person in strong product with revenue trends by digital, to trends in be

As structure, overall we margin studio expect rightsizing range. mid-XX% resume gross we to the in our be our in-person workshops cost while

deliver income a Full rate. expense million. to GILTI, approximately to subject interest the expect to exclude now rate we effective regulations approximately year companies be foreign $XXX be full final as released the expect digital base, expansion our Treasury high longer-term. move is tax more to around expected however, permitting will continue year to And already now margin to we We recently Department XX%. subscriber Importantly, a over tax XXXX

We are liquidity. cash-generative with a highly business strong

We and and November XXXX our dates bond December debt have until loan covenant-light term structure, respectively. maturity and not are a XXXX,

Our $XXX undrawn. and was cash end balance million, our was the at of QX revolver

expect ended EBITDAS X on increase debt lien or with times basis. ratio XXXX. leverage times levered X the during balance first a quarter debt our We to net cash We to a

liquidity. on the from to amended up times, to more continues As million be commitments right And our talent, maximize focused for significantly providing potential of our to Mindy. previously increasing technology $XXX buy years. that in growth. And WW consolidated may million overall we like to flexible will companies priorities evaluate to to access announced We in to facility, to addition X that, leverage in churn leverage also future credit first our summary, you digital continue it Reducing also are to franchises the and resources capabilities. believe structure technology to tuck-in turn our offerings ratio to back as innovating and seen we drive continue our augment the in back have capital with lien acquisitions to our we recent June, product revolving together would raising $XXX investing we while In priority. can and I

Nick. Thanks,

first to remainder priorities WW address of for I diversity Black in and upcoming inclusion and and Before our critical at our the society. for and need discuss the want I Lives Matter XXXX, milestones would

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matching donations We lives. and organizations to dedicated have donated are $X positively million several non-profit to employee black influencing

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have appointed We a Leadership. of Head Inclusive

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evolve and personalized we or create XXXX, our virtual As whether on talent, more skilled communities one-on-one a build that or digital, best, their format and be offerings coming to coaching in fit coach-led members in-person solutions communities personal in providing the offering. lives relaunched they and focused highly we’re studios through coaching virtual later

In experiences, producing wellness continue our addition and to to as who well members WW experiences original for our will programmatic want join offerings. we non-members, content, events as all

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been interactions channel driving The QX, exceptional. team is by within purchases, perception consumers addition and of in made XXX% purchasing, with our this experience has will the has primary experiences. in-studio positive our favorable for The creating year-over-year. We WW advancements achieve to vision to now memorable enhance our up Shop brand and e-commerce in sales by minds e-commerce and associations

soon March, The future Time and span coffee. the as integrating been the to addition marketplace our of we expanding In Shop coming into opportunities. our categories our Popcorn such will launch have app branding product of actively WW ice different lines Movie commerce in Kit, grab-and-go digital our three

we other as mini products WW Co-branded curated and breakfast WW found kitchen bars, where tools First, that value develop for with partner tools kitchen add products you. treats snacks. where to such branded, brand and fully frozen we foods and novelties, as product and such highlight our another

repeat We of are our number to on percentage In to a are digital and a a purchased WW time initiatives QX, members members, increase particularly focused on the percentage products who just small this increase and recently members, digital in and increasing demonstrating first opportunity awareness products buy found significant launched testing incentivize of penetration in-app WW only of rate. the modest Shop, purchases. the

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sponsors will are, collaboration, offerings, the for health enable members virtually benefits The Caremark loss and solutions streamlined add plan WW a plan to Spurred to where by their accessible the solutions and for their eligibility crisis, packages. employee and offer use role Joining to with WW sponsors wellness. they benefit wellness and need are weight pricing anywhere easier journeys. meet Point it along helping Health to CVS which processes. digital members Solutions on advancing that in contracting, Through platform to management can employers Management makes the access Health COVID pharmacy new offering them billing their employers simplified will WW greater take preferred

prefer they've spoken providers seeking virtual virtually. said many with are out done consultations patients care health now people for recently, to addition, personally I've be often In and options. more

in shift here is We are one believe stay. and that consumer dramatic seeing a truly preferences I to

necessity. luxury, leader to and are through to that WW our not to but community and We better in best having good health on focused considered right should human a today, are are as essential that be the delivering serve not know health but tools technology. manage your members actions a we confident We position a the only impact

broadening help offering relatable WW wellness their new for turn that before, We our reach, format to and the experiences are journey. making new we than and the that, accessible operator the more members people today. on ever Thank focused along joining us call Q&A. creating for and with now WW And will engaging on in to you call

will go question with first Our come Steph Instructions] Jefferies. from [Operator ahead. Please Wissink

you. just everyone. One afternoon, Good you. really for a Maybe Thank is two-part clarify. to question

that the something demographic? about of separate model? a coaching targeting that year. that's half back or in that specific experience is targeted similar more talked premium You towards aligned the with the to Or virtual millennials Is

No. That is separate.

be vertical a launching. of that will is whole it membership new So we

virtual we this is vertical. workshop completely to going but for our different Now some members, are continue a workshops

perspective, bringing think it coaches. We'll our in is community. new are between cohort up going will we're to a but but in who accomplish engagement excited. accountability, two pricing of community-driven. We attract more content-driven very digital want opportunity new things. from and membership, our to digital new also be It's it's I workshop sell those people It an for and from diverse really and audience, very a more audience, And

but just then This follow-up for acceleration. just more demonstrate mentioned And that great. has you, July a numeric Nick. you to nice some That’s question, business continued is one the

maybe to defying business actually looks some gain offset, the you're you think that little that it seasonal the how back talk able is and the historic Can some as about, what bit So a through relative think your about the of seasonality like ground effect trend? of to of historic year, almost patterns. versus you normal we half waterfall should

Okay. the our and I've X all-time growing end, a equaling important Look, at fall X July the million, we're also with was end be million, which having we achievement as QX been effectively very approach pleased high is important for an nicely QX QX for rebound, number of campaign. us. also, subscribers in

seasonality exceptional to to QX of subscribers our digital trough QX, peak very Look, last the year's up your quarter. pretty to in But growth year-end. from the and the decline historically, so a And of X% encouraging certainly, of performance during a was it was seasonality. year point speed XX%, on

you. Thank Okay.

will go ahead. question from Morgan. Lauren Please Cassel Our next with come

back think what ballpark, we see could the spend first or third in helpful. studio I how in Is you and the return should think of do about fall. there? noted million the we sort Thanks in was should right half real how gave then just about XXXX, you what I we on I The But million sort And the so question My $XX spent number question then it a we XXXX? estate. to ultimately, guess, you $XX in rent. marketing $XX in is the you much. in of branded could year, savings around all my marketing fourth what locations TV the little color think term? just see guess on of think million long was over spend second Great. is markets a of quarters? And there

Look, you Yes. flexible, nimbly so can estate we very environment. any footprint, real the in it's of terms that see adapt to

see studios the branded running and health the those us control environment. You play we of our WW concentrating can business safety where in

only we've today, studios XXX those open ads third-party and concentrated we'll selectively. branded why WW those studio on that's So

coming rent the to and million In terms versus of G&A. cover savings on from we're X/X well the $XXX savings cost would that about of before about is said marketing [indiscernible] plan plans our sales, track I've into X/X year. of that, that cost which deliver

savings rent And the cost sales the permanent be of incorporated the with cost savings, frankly should are savings which plan. part those of million $XXX so more

over efforts marketing, in dollars saw we the because slowed year. terms deliberately think marketing underspent the uncertainty marketing We QX In terms wonderful terms of marketing of year efficacy the the of last versus our you down of forward. that COVID. spent Frankly, punched we this of in and team I put weight in

forward, business you momentum spend expect at can of have, the deserves. to us momentum that the with continue the we levels Going to

quick just clarification. you savings think there majority opportunity XXXX? see happen an that vast rent in And Is do XXXX? in the of to to going Okay. more Or is one

got real a XXXX. And XXX say flexible renewals we've lease business. in will with We the nimbly heard me footprint you've estate manage

footprint, to very estate committed this we're studio but retail to – committed creating with experience. a So fantastic real smaller and face-to-face

great to I opportunity think do we a that. have

face-to-face for continuing aren't virtual to those said, Mindy by that served a our as to workshops areas studio to, members. addition In offer

Thank Okay. so much. you

ahead. from Securities. Kesavabhotla come will Vikram question with next Please Guggenheim Our go

there's taking you color engagement I to the cohorts on those the overall first-time Yes, have platform? levels recent users the some thank give you the out and call for wondering us if to question. just with of of that versus particularly can of and returning? anything age months, was relative if respect the subscribers mix the on to behavior around joined And what in characteristics the you see typically

diversifying we our definitely of seen audience. What our this is with Yes. membership digital acceleration have

a the and swath XX% mentioned, So there. there's joining I pretty as broad members XX, about under are of

influencers, So in et focused that, been also cetera. marketing diversity, very definitely we are seeing. We've our around

So regard. that's helped also in that

really is we of overall are what our is about there we're we across of But what now doing isn't with our year-on-year seeing really on the FitOn greater while across what are personalization, Groups are engagement we you seeing about verticals. of based dramatic between And is a what we are seeing across Now it – Connect And the we're are people FitPoints, all differential are we launched the excited our excited because that's cohort. verticals. But work we what that's video also all all we've personalized fitness. because and seeing of for and is and done syncs up a that nutrition, ago. across fitness seeing cohort.

are we is to their are want they what with. that finding So own seeing people cohorts interface

where our And So young it is why black whether that a we cetera, is. et more that's is lot students, integrated. mom, retention men, college have for opportunity women,

seeing market great. Thank activity what you're And you a would of first follow-up Any approach how pricing think your of have Okay, the second to you. what the strategy the the great. and year launches when that. then maybe promotional in XXXX? in that later half now, the about throughout there has be you And you half evolved about towards just this is right just Can here color year? talk the as

When Yes. year-over-year. been see detail pretty numbers, the Look, look a few things, side. pricing digital in constant realization pretty at strategy stable on has our and you'll price you promotions

member impact And it on give we longer-term with a us offering plans, price on much makes studio us. – which discount in that's the took for For sign-ups, side, the example, sense makes get to the a of and sense for factor in so February, retention. longer economic new Because $X there. look, addition to to

things. working we're in imagine, intact like and the us. the member trying impressive. our two-week strategy implementing shows we've been overall, best in it and way saves new various the can to that in trial I you free free The quarter members getting new As been paid has strategies. from to pricing brand the was and promotion store, innovating from and thing environment, the how great Apple and great the the for is is team results trial conversion COVID A the But well attract really to

Thank Great. you.

Capital with Markets. Our Yruma go next question will come ahead. Please from KeyBanc Edward

one studio has retention guess, maybe and experience? in economics been Store, those reopened, questions. Thank a some studio just on physical the product When a Hey, I good take the someone through guess, evening. that behavior? like and engage does in does App assuming taking that that for product? change And significant side, had you. commentary been And thanks then from Apple, I'm one. first, have customers other that my digital I the what I you Second, to markets, the when quick of able any there's guess, on entered through haven't

said, the that's as driven side, XX retention retention Mindy over we're on And strategy. months. Look, that by thrilled is the engagement

these them. using that our and them introduced convenient On and helped members we the find them are and immensely virtual workshops studio side, joining it's

App Apple of commission pay digital Store, on subscriptions, the terms a those yes, for In where we those.

that. Store the in comprehends strategy pricing App Our

sorry; for middle margins I'm incremental are So missed terrific the part us. on question. the those the have of sign-ups might I

you've seen Actually, oh, where – No. there? able when markets you to reopening any on the significant been performance on studios, reopen have you commentary

sure to Yes. many tool, one-time. we It's reaction were really because there were we been We we really XXX% a obviously, not put as at because, going opening. be scheduling the have once people into was interesting can't what place

with had people. more less to meetings had we've So

sold days, first were couple just so reserve out. sign-up And people of and we the and in

operated. to that that really studios people come coach And are feel do them back been really are that significant and But Nick's community focused percentage important, the focus and own we've and point, and their have just a is we smaller footprint, ones still make we of members. So covers groups. that our the smaller how have our on we And will – albeit, their real branded, destination. in more engaged more very a have a

much, Great. guys. Thanks so

go Nagel come Brian ahead. Oppenheimer. question from Please will Our with next

evening. Good Hi.

Hi.

question. my taking for Thanks

the a trend and remarkable up bit a we're question QX subscribing we sequential held normal first look couple it's I seeing But pace. the maybe as not to really have, the and and So to follow-up how a that QX, prior of questions. relative at has of in well seasonal

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people really It's definitely we've this the that brand, are to time. work power why coming the trusted at our of and done us

what's livable because a they we been before, not support higher when constant, of is people If and we and their behavior in out building seeing sleep. mentioned over are And launched trusted, really we're monitoring innovations are – that's support. And we we're have of community. course We're And will just why difference. the it's pleased, accelerating. to seeing we're what join all it. new years motivation. and able done been ecosystem entire that's That's hydration. year-on-year. they engagement now a pretty just It's know this we've about of of of made you think that and We I number members, also the of been certainly launched change, unequivocally sustainable, we what the have accelerate as

congratulations financial off And you first on I role. maybe want Nick, over. question I Okay. Thanks, then guess, before reins Well, do hand ask the to one a you, Mindy. follow-up, Nick. But the final

ongoing a – potentially clearly WW, complete continue ongoing of Just – as lot the again, needed transformation? about how we the about this to investments digital there. investments think of success maybe we talk the lot a the or talk about of should transformation But

been that's and continually. market-leading, And app got we've digital a experience look, in we've such the now. experience Well, award-winning why digital investing

to a change technology is now experience a strategy that terms of not model cash-generative company. digital-first in that's but of it's become the model. of any acceleration see that CapEx, long-term highly forward, results, very it's the the our business enabling evident going And us rapidly in QX business to don't So tenets But I low new. key approach

you'll of we subscribers, the with results as versus the gross think some a change QX biggest see model that our mix were with us mix business towards higher of richer in and a mix to digital I be shifts studio. where that see XX% margin, you

this us lower and a got mix higher-margin has about be opportunities digital launching strong and Mindy product revenue the definitely see digital that expansion with margin we're revenue, but company, higher talked a You'll this we've that winter.

Thank you much. very

Alex Fuhrman question come with ahead. Craig-Hallum. Please Our from will final go today

Alex. Hi,

taking just talk in the constant? has Hi. I the be of the about little much speaker mix Is the said of this something ask that a Mindy by with been that have the change your Thanks you for the bit generally that customer seen wanted my think about shift said new that about question. might And to that tend XX% to driven digital in to remarks; Nice over be you you has with all. pretty you prepared you bit how I over you've Or becoming rate the Or members up you've what about Can months fluctuated a past talk little that years. to you years? below over have product? that business can also few within incoming bigger how part XX. signed a of year? the compares number been the a seen normally of a digital age

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factor year opportunity digital think been us always past think a fantastic. definitely is well. great marketing social community-based the and is of I for marketing So the also to as marketing; business, in mouth. over addition that word efforts has biggest And I having efforts We're that the

combination think I a So of things. all those of it's

very That’s really much. Thank Great. helpful. you

over for back would like question-and-answer closing Grossman, This remarks. Mindy our conference I session. to any turn to the concludes CEO,

habits us to agile global be teams technology, focused five this motivating members, our ready families, in to do, And the creative both healthy envisioned just through that Well, and life, personal they by been for ago, won't human we the delivering thought and changing authentic. And change people, thank and real the everyone. we're and they for coaching, behavior anything environment, say our while inspiring. in reimagine are ways content And best deliver everything certainly members continue community, leadership providing truly adapted connection purpose upon our way everyone. deliver pivoted XXXX for to you, and has for year were months we experience be that communities, had I'd the and any inspire quickly world, can now our to on to to and of and

I and to soon. speaking So thank everyone you forward joining again with today, look for us

The you conference attending for Thank today's has presentation. now concluded.

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